Tips for a beginner forex trader.

There are a number of the most necessary tips and recommendations for a novice Forex trader, which will not only help you make a profit from currency trading, but will not allow you to quickly lose your initial deposit. It is “not to lose quickly,” since you will lose your first deposit in any case, but the longer this process lasts, the more benefit it will bring you.

Forex tips will be of interest not only to a novice trader, but also to a professional, because you cannot know everything; it is the exchange of experience that allows you to achieve perfection in trading. Now let's move on to specific recommendations:

1. Calm and measured in actions, this rule can be put in first place, since it is the rush that prevents you from making the right decision, you simply do not have time to think about it. After launching the trading terminal, the first transaction should be opened no earlier than 15-30 minutes later, which is exactly the amount of time required to quickly assess the situation on the market.

2. Don’t spread yourself thin - at first, focus on one trading instrument; after you have studied all the features of working with it, you can test another option, but you can trade simultaneously on several currency pairs only if you know them perfectly. You can often find a novice trader who trades on EURUSD today and GBPJPY tomorrow, as a result you will not make a profit on either instrument. Yes, there are multi-currency Forex strategies , but they are not intended for beginners.

3. Work with stops - in almost any book you will find recommendations for setting stop losses , but for some reason, most beginners lose their deposits precisely because they ignore this order.

4. Testing - first test all the brilliant strategies and ideas you come up with in demo mode and only then on the real market.

5. Not parts - the number of transactions is not always a sign of big profits.

Some dealing centers deliberately limit their number to 100-200 per day. Even when trading using the scalping strategy, you can make decent money by opening just a few dozen trades. 6. Duration of transactions - unprofitable positions should be closed almost immediately, and profitable ones should be held until the first signs of a reversal.

If you learn to manage positions, consider that success is simply in your pocket. 7. Seize the moment - think logically and enter the market when the trend has gained full strength and you are sure that this is not a correction.

This is usually evidenced by such factors as the breakdown of significant highs or lows, the release of strong news, and an increase in trading volumes. 8. Trend trading and correct determination of the direction of the trend - when opening trades along a trend, you first need to accurately determine that this trend is the main one.

To do this, you just need to evaluate the movement trend on a higher timeframe. 9. Do not trust advisors - yes, it is possible that there are programs that bring profit, but as my personal experience shows, most advisors can only be used as sources of signals to open positions. But, under no circumstances should you let them trade on their own. Forex copies are more suitable for automatic trading ; here, unlike the author of the program, the managing trader risks his own money.

This list can be continued for quite a long time, but these are the basic tips for a novice Forex trader. Therefore, they should not be ignored in any case.